Originally posted by Perry
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Originally posted by Learning View PostUsual story, OCR goes up - lenders trip over each other in the rush to raise rates. OCR goes down and lenders keep bashing the snooze botton on their alarm clocks.
OCR doesn't drive long rates - banks can't use OCR money (not a thing I know but ...) to lend for a 3 year term (or 2 year or 1).
They need to borrow long to lend long (a banking requirement).
If the deposit rates get too low depositers will leave, banks then won't have money to lend.
So immediate reaction with floating rates but subdued reation with longer rates - they just don't have the same room to move.
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My smallest investment home loan just rolled off it's fixed term. I wanted to re-fix for just 6 months to bring it in line with all my other loans. I phoned the bank just after the OCR drop. The best they could offer me was 0.25% above the advertised rate with no added benefits because it was an investment loan. I said never mind.
The bank just dropped its advertised 6 month rate by 0.25% so I thought I'd try again. This guy not only knocked another 0.49% off the new advertised rate but also added Flybuys.
0.99% saving between one week and two phone calls. Will be asking to deal with that guy again in 6 months.
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Originally posted by Learning View PostMy smallest investment home loan just rolled off it's fixed term. I wanted to re-fix for just 6 months to bring it in line with all my other loans. I phoned the bank just after the OCR drop. The best they could offer me was 0.25% above the advertised rate with no added benefits because it was an investment loan. I said never mind.
The bank just dropped its advertised 6 month rate by 0.25% so I thought I'd try again. This guy not only knocked another 0.49% off the new advertised rate but also added Flybuys.
0.99% saving between one week and two phone calls. Will be asking to deal with that guy again in 6 months.
This is crazy stuff, back in 2014 my forward projections had pencilled in an increase in rates to maybe 7% so my interest costs are now going to be half that, crazy work, reckon we might have a rate next year starting with a 2 ??
Maybe 2.99% and deposits at 2.25%
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Interesting that you had some leverage on a $25k loan. Possibly the combined value you bring to the bank gave you some.
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Originally posted by Bluekiwi View PostWhat bank was that, and what rate did you get.
Originally posted by Keys View PostInteresting that you had some leverage on a $25k loan. Possibly the combined value you bring to the bank gave you some.
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Originally posted by Learning View PostBNZ and 4.3%
I'm a Premium customer. Not that meant much to the first phone center person.
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Originally posted by Bluekiwi View PostI would be interested to see what the best 1 year rate is that people are getting from now on.
Carded rates being around the 3.85% for 1 year and 3.75% for 2 years.
Whether people are able to get discounts on the carded rates of the "usual" .4 and .5 we have seen on this thread.
And if they are getting 3.35% for 1 year ????"DEBT BECOMES IRRELEVANT WITH INFLATION".
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Originally posted by Frezzinghot View PostWe have 150k commit off fixed next year on the 8th March, currently 3.99%, what are the chances we could get to 3% next year?
I have no idea as to the answer, I wish I knew, but I reckon if OCR goes down another notch to .75% and rates go down another notch on 1 year fixed from 3.69 to say 3.6 ??
Then you may be able to get a discount on that of .25 to maybe 3.35% ???
That's what I have been asking on here.
If carded rate is "X" - how much are people getting below that upon request.
It used to be a minimum of .25% just for asking, and sometimes as much as .6%
But just as the OCR cuts get past on less as you reach zero, I am thinking that the discounts below carded rates are also shrinking.
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Originally posted by Bluekiwi View PostNice to hear from you my friend.
I have no idea as to the answer, I wish I knew, but I reckon if OCR goes down another notch to .75% and rates go down another notch on 1 year fixed from 3.69 to say 3.6 ??
Then you may be able to get a discount on that of .25 to maybe 3.35% ???
That's what I have been asking on here.
If carded rate is "X" - how much are people getting below that upon request.
It used to be a minimum of .25% just for asking, and sometimes as much as .6%
But just as the OCR cuts get past on less as you reach zero, I am thinking that the discounts below carded rates are also shrinking."DEBT BECOMES IRRELEVANT WITH INFLATION".
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Remember, people will judge you by your actions,not your intentions.You may have a heart of gold -but so does a hard-boiled egg
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